Lake Norman Real Estate 4th Qtr 2008 Market Analysis   Leave a comment

As you know, there are several agents out there that do their own market analysis. A lot of them write paragraphs of fluff. This is not what you will get here!

I have some neat graphs and mostly numbers. You can decipher easily.

Lake Norman Real Estate Analysis – Activity Report 3
Years Back

I compiled data from home and home sales activity from the
Carolina Multiple Listing Service for the Month of October 2008, and singled-out
area 13 (Lake Norman). Then I organized the data into a
crisp graph.

October 2008

Total
Listings

1516
New
Listings

250
Back on
Market

109
Price
Changes

444
Contingent/Conditional
23
Under
Contract

59
Sold
71
Percentage of Sold Homes vs. Newly
Listed

28%
Months
supply
21

From the data through October 31, we can interpret that There are
a total of 1,516 homes on the market. As of December 1, 2008, the total number
of homes had increased to 1,676 homes. 444 PRICE CHANGES! It appears that sellers are trying to stay competitively priced since the inventory is so high.
Since only 28% of the newly listed homes
are selling, then the other 72% of the homes listed each month are staying in
inventory. This high inventory gives us a 21 month supply of homes on the
market.The trend is inventory is increasing, demand is decreasing, average home prices are going down.

It’s really eye-opening to see that only 71 homes sold in the
Month of October as compared to years past. The next graph shows the activity
for each year and the market is down at least 41% in home sales since 2005.

Sandy Aichner, GRI, ABR, Broker, REALTOR ~ RE/MAX Executive Realty (704) 746-7513

Sandy Aichner

Search Foreclosures in Lake Norman

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Call me at: 704.746.7513
for information on purchasing or selling a home in
Mooresville, Cornelius, Huntersville, Troutman, Denver, or Statesville, North Carolina or surrounding towns. OR email me: sandy@sandyisyouragent.com. Feel free to visit one of my websites: MooresvilleHomeSearch.com, SandyIsYourAgent.com . Or stop by my blogs at:


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